Question

The unpaid balance at the start of a 30-day billing cycle was
$721.98. A purchase of $41.45 was made on day 14. No payment was
made during the billing cycle and a late fee of $42 was charged to
the account on day 27. Find the unpaid balance at the end of the
billing cycle. Assume that the annual interest rate on a credit
card is 19.44% and interest is calculated by the average daily
balance method.

The unpaid balance at the end of the billing cycle is?

(Round to the nearest cent as needed.)

Answer #1

Ans)

Balance Duration | No of days (a) | Balance Amount (b) | (a) * (b) | Remarks |

1-13 days | 13 | 721.98 | 9385.74 | |

14-26 days | 13 | 763.43 | 9924.59 | |

27-30 days | 4 | 805.43 | 3221.72 | |

30 | 22532.05 | |||

Average Balance | (a)*(b)/(a) | |||

751.07 | ||||

Interest | 12.17 | 19.44%*751.07*30/360 | ||

Outstanding amount | 763.24 | Avg balance + Interest |

For the credit card account, assume one month between billing
dates (with the appropriate number of days) and interest of 1.6 %
per month on the average daily balance. Find (a) the average
daily balance, (b) the monthly finance charge, and (c) the
account balance for the next billing. Previous Balance: $434.33
January 12 Billing Date January 15 Returns $104.78 January 22
Clothes $136.55 January 27 Bus tickets $66.55 February 4 Payment
$120 February 7 Flowers $62.31 (a) The average...

A credit card account had a $236 balance on March 5. A purchase
of $180 was made on March 12, and a payment of $175 was made on
March 28. Find the average daily balance if the billing date is
April 5. (Round your answer to the nearest cent.)

Your credit card charges 20% interest and the billing cycle
starts on the 1st. The table below shows the beginning
balance, charges and payments to the credit card. Your card uses
the average daily balance method. Fill out the chart
and then determine the service charge for the month of July.
Days on which the balance is valis
Balance from end of June
200
Charge July 4
300
Payment July 16
400
Charge July 20
100

The credit card with the transactions described on the right
uses the average daily balance method to calculate interest. The
monthly interest rate is 2.5% of the average daily balance.
Calculate parts a-d using the statement on the right.
statement:
Transaction description
Transaction amount
Previous Balance $6210.00
March 1 Billing date
March 5 payment
$400.00 credit
march 7 charge: Restaurant
$50.00
March 12 charge: Groceries
$70.00
March 21 charge: car repairs
280.00
March 31 End of billing period
Payment Due...

An unpaid credit card bill for $876.25 had a due date of
February 10. Purchases of $189.67 were made on February 15, $404.58
on February 16, $11.80 on February 18, and $63.23 was charged on
February 25. A payment of $375 was made on March 2. The annual
interest on the average daily balance is 19.2%. Find the finance
charge (in dollars) on the March 10 bill. Assume it is a non-leap
year. (Enter a number. Round your answer to...

Calculate the average daily balance and finance charge.
(Round your answers to the nearest cent.)
30-day billing cycle
9/16
Billing date
Previous balance
$
3,300
9/19
Payment
$
73
cr.
9/30
Charge: Home Depot
2,150
10/3
Payment
73
cr.
10/7
Cash advance
83
Finance charge is 1.25% on average daily balance.

Calculate the
average daily balance and finance charge. (Round your
answers to the nearest cent.)
30-day billing cycle
9/16
Billing date
Previous
balance
$
1,400
9/19
Payment
$
54 cr.
9/30
Charge: Home Depot
1,200
10/3
Payment
54 cr.
10/7
Cash
advance
64
Finance charge
is 1.25% on average daily balance.
Average daily balance
$
Finance charge
$

Calculate the average
daily balance and finance charge. (Round your answers to
the nearest cent.)
30-day billing cycle
9/16
Billing
date
Previous
balance
$
3,000
9/19
Payment
$
70
cr.
9/30
Charge: Home
Depot
2,000
10/3
Payment
70
cr.
10/7
Cash
advance
80
Finance charge is 1.25% on average daily balance.
Average daily
balance-
Finance charge-

Use the unpaid balance method to find the finance charge on the
credit card account. Last? month's balance, the? payment, the
annual interest? rate, and any other transactions are given.
Last? month's balance, ?$410
?Payment, ?$260
Interest? rate, 18.1?%
Bought plane? ticket, ?$100
Bought? luggage, ?$120
Paid hotel? bill, ?$185
The finance charge is ?$
?(Round to the nearest cent as? needed.)

Calculate the average daily balance and finance charge.
(Round your answers to the nearest cent.)
30-day billing cycle
9/16 Billing Date
$3100
9/19 Payment
$ 71 cr.
9/30 Charge: Home depot
2050
10/3 Payment
71 cr
10/7 Cash Advance
81
Finance charge 1% on average daily balance
1- average daily balance:
2- Finance charge:

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